KPMG to grow startups with Artesian partnership

An alliance between KPMG and Artesian Venture Partners aims to connect corporates with Australian startups.

The partnership “will allow the engagement of corporates in the startup ecosystem as customers, partners or potential acquirers and will help startups and technology become a substantial industry, as we move away from a reliance on mining and resources,” said Artesian chief operating officer, Tim Heasley.

The agreement opens a fresh source of capital for startups in Australia, where funding remains a challenge compared to other major markets. It sets up a co-investment fund with a goal of investing in 1000 startups in the next five years.

KPMG partners at the firm and corporate partners including blue chip investors will have the option to invest in the fund; KPMG may invest directly.

Artesian is a venture capital investment company that already manages co-investment funds for Sydney Angels, BlueChilli, University of Queensland (ilab), University of Wollongong (iAccelerate) and the University of Newcastle (Slingshot).

The VC firm chose KPMG, after a competitive process, to identify and introduce corporates and other partners to startups, as well as to collect and analyse data about the startup scene.

Heasley said the partnership will push the Australian startup scene forward.

“To date the Australian technology sector has been finding its feet and growing rapidly. Where we are today is a testament to local entrepreneurs and their ability and determination to punch above their weight,” he said.

“But, it’s time for the startup industry to mature, to operate with a new level of professionalism without losing its edge. We need to mobilise, professionalise, and build a cohesive structure around the industry to take it to the next level.”

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